UK-based fintech company Revolut is planning to apply for a banking license in the US by the end of this year.

Revolut CEO Nikolay Storonsky in an interview to Reuters said that his company intends to expand its banking services to the US.

It has already applied for a banking licence in Europe and is planning to expand its services to the US with a banking partner this year.

The bank offers its services through an app and a pre-paid card that allows the customers to transact in different currencies.

In April this year, the bank raised $250m in Series C funding round at a valuation of $1.7bn.

Since its launch around three years ago, the value of the bank quintupled, Storonsky said after the latest funding round.

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The company intends to use the fresh funds to support its strategic geographical expansion plan as well to launch new financial products and services.

Storonsky also remarked that Revolut is also planning to introduce a robo-advice product soon.

He also said that currently the company has a five-employee team in New York. It plans to open a new office in the city of San Francisco.

Besides Revolut, various other fintech companies are also slated to apply for a banking licence in the US including payment platform Square.